Sandberg Capital became partner of the Slovak IT company TITANS freelancers
27. 04. 2021
Slovak private equity company Sandberg Capital buys minority share in Slovak leader for IT specialists outsourcing – TITANS freelancers. It is the first investment within the second Sandberg Capital fund established in January 2021.
Bratislava, April 19, 2021 – Sandberg Capital, through its fund Sandberg Investment Fund II, acquired share in the largest Slovak outsourcing company providing IT capacities. The fund acquired minority share in the company TITANS freelancers, founders Róbert Dusík and Marek Greško keep their majority. Both, together with current management, will continue managing the company.
“Our long-term goal is to invest into successful companies having international ambitions. Founders, Marek and Róbert, managed to build a successful company in Slovakia. We believe that thanks to our partnership, TITANS freelancers will grow even more dynamically and establish itself abroad as well,” said Michal Rybovič, partner in Sandberg Capital. According to him, lack of experts in the IT sector prevents companies from significant growth and from meeting strategic goals.
“Cooperation with Sandberg gives us a chance to offer even better and more technologically diverse services and to progress faster than before. Together, we want to build a stable multinational company that will be able to provide freelancers with even wider opportunities to work on projects with customers within CEE. We are very much looking forward to this challenge and it is an important step forward for us,“ said TITANS freelancers co-founder Marek Greško.
The company TITANS freelancers was established in 2013 and through the following years, with revenues of more than 10 million EUR, it became the leader on the Slovak market. Its typical customers are companies with own IT team, which need to temporarily strengthen capacities to implement their IT projects. TITANS freelancers’ clients include renowned domestic and foreign companies, with a reach of up to 11,000 IT specialists.
“TITANS freelancers is the most successful company and number one on the domestic market in the new and rapidly developing industry. It connects the demand and supply for IT specialists and speeds up their recruitment, simplifies it for clients and thus makes it more efficient. On the other hand, it provides IT specialists with work on interesting projects at home and abroad, which they would often not be able to reach without the help of TITANS,“ said Matej Klenovský, Investment Manager of the Sandberg Capital fund, who managed the entire acquisition process.
“We are convinced that by combining our more than 8 years of know-how with Sandberg’s investment and project experience, we can take the entire IT outsourcing sector to a higher level. We share the same vision, determination and desires,“ Róbert Dusík, co-founder of TITANS clarified the vision.
It is the first acquisition for Sandberg Capital into their second fund with volume of committed capital in the amount of 109 million EUR. The new fund was established only in January this
year and was invested in primarily by institutional investors, including one of the largest European investors – the European Investment Fund. Sandberg Capital has been operating on the Slovak market since 2014. In its first fund, it manages assets worth more than 250 million EUR in the fields of IT, telecommunications, agriculture, education and retail. It creates and manages domestic and foreign alternative investment funds with permission from the National Bank of Slovakia.
The sellers, TITANS freelancers, were represented during the transaction by financial and legal advisers from PwC led by Pavol Pravda, the buyer, Sandberg Capital, cooperated with KPMG and the law firm Barger Prekop.
Both parties agreed that the value and details of transaction would not be disclosed.